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Glossary

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Q

  • Qard ,loan
  • Qard Hasan ,benevolent loan
    A loan contract between two parties for social welfare or for short-term bridging finance. Repayment is for the same amount as the amount borrowed. The borrower can pay more than the amount borrowed so long it is not stated by contract.

    Most Islamic banks provide interest-free loans to customers who are in need. The Islamic view of loans (qard) is that there is a moral duty to give them to borrowers free of charge, as a person seeks a loan only if he is in need of it.

    Some Islamic banks give interest-free loans only to the holders of investment accounts with them; some extend them to all bank clients; some restrict them to needy students and other economically weaker sections of society; and some provide interest-free loans to small producers, famers and entrepreneurs who cannot get finance from other sources.
  • Qimr,gambling
    An agreement in which possession of a property is dependent on the occurrence of an uncertain event. By implication, it applies to those agreements in which there is a definite loss for one party and a gain for the other, without specifying which party will gain and which party will lose.

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